Grand Venture Technology has applied to transfer its listing to the Mainboard on the SGX-ST from the Catalist board on Sept 1.
A listing on the Mainboard would enhance the long-term value for its shareholders, says the company in an SGX filing.
The transfer would promote the company’s corporate and business development profile and boost its visibility and recognition in the capital markets.
The transfer would also provide Grand Venture Technology with a wider platform to reach out to a larger investor base, including institutional investors and overseas-based investors, among other reasons.
The proposed transfer is subject to an in-principle approval from the SGX-ST, as well as shareholders’ approval via an extraordinary general meeting (EGM).
In addition, Grand Venture Technology would also have to meet the relevant listing requirements set out in the Catalist rules.
See also: SAC Capital downgrades Grand Venture Technology to 'hold' despite 1H21 revenue growth
In conjunction with the proposed transfer, the company is looking at placing new ordinary shares in its share capital to increase its share trading liquidity, public float and shareholder count.
Separately, Metalbank Singapore, which is a controlling shareholder of Grand Venture Technology, will distribute its shares to Metalbank’s individual shareholders proportionately. The move comes after a request made by Metalbank’s individual shareholders to hold their shares in Grand Venture Technology directly.
As at Sept 1, Metalbank holds 94.95 million ordinary shares in Grand Venture Technology representing some 31.05% of the company’s existing share capital.
Following the completion of the share transfers, Metalbank will cease to be a shareholder of Grand Venture Technology.
As at 4.23pm, shares in Grand Venture Technology are trading 2 cents higher or 1.63% up at $1.25.
Photo: Samuel Isaac Chua/The Edge Singapore
